Fleet Management Market Analysis

Industry (Construction, Manufacturing, Mining, Transportation, Oil & Gas)

The global fleet management market is segmented and analyzed for demand and supply by industry into construction, manufacturing, mining, transportation, oil and gas, and others. Out of these types, the transportation industry is estimated to gain the largest market share over the projected time frame. The industry is expected to grow at a CAGR of 14% to attain a market share of 40% by 2037. The use of fleet management solutions in transportation and logistics is becoming increasingly inevitable with time. These solutions are mostly used to plan and manage the dispatch schedule, optimize spending, and track the movement of goods and vehicles in real-time for smooth last-minute delivery. The traditional fleet management system failed to track the movement of items from their starting point to their destination. However, advanced fleet management solutions include metrics such as delivery routes, real-time position tracking, and movement speed to improve the trip and delivery time. Considering all these, the expanding transportation industry is expected to drive the market growth of the segment. For instance, the U.S. alone has over 4 million businesses in the transportation & warehousing industry as of 2023.

Deployment Type (On-premises, Cloud)

The global fleet management market is also segmented and analyzed for demand and supply by deployment type into on-premises and cloud. Between these, the cloud segment is expected to hold a significant market share by growing at the fastest rate during the forecast period. The growth of the segment is expected to be driven primarily by the capabilities of cloud-based solutions for a cost-effective and hassle-free integration. Further, cloud-based deployment has been observed to improve fleet management activities such as GPS tracking, which otherwise suffer in areas with low connectivity. With the incorporation of more such devices in the fleet management system, the demand for cloud deployment should also rise. Only in 2018, the volume of vehicle tracking devices that were sold is estimated to exceed 19 million units. Further, the initial expense of cloud-based fleet management software is low, and businesses get access to more scalable and flexible solutions.

Our in-depth analysis of the global market includes the following segments: